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RBI intervention will support the rupee

The Indian rupee hit a record low against the US dollar today, but the big picture is that RBI intervention has helped it hold up better than most EM currencies recently. Given that the RBI has ample FX reserves, we expect the rupee to remain more stable and weaken less than most other EM currencies against the greenback over the next couple of years.
In view of the wider interest, we are also sending this India Economics Update to clients of our FX Markets Service.

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